Z Capital Partners held a final close of Z Capital Partners Special Situations Fund II, LP (Fund II) on June 30, 2014, with total capital commitments of $750 million. The new fund exceeded its initial target of $500 million.
Fund II will focus on long term control investments in middle-market companies that may require growth capital, turnaround or restructuring.
Fund II consists of 30 new global, limited partners, with a variety of institutional investors, including sovereign wealth funds, pension funds, wealth management firms, family offices and insurance companies located in North America, the United Kingdom, Europe, Africa, Asia and the Middle East.
“We are pleased to announce the close of Fund II with $750 million of committed capital, well exceeding our initial target goal,” said James Zenni, Jr., President and Chief Executive Officer of Z Capital. “We received interest of approximately $1 billion from limited partners, which we believe, together with the global footprint of our investor base, is a testament to our leading track record, proven investment strategy and experienced leadership team. As we have done for over a decade, we will continue to capitalize on opportunities to maximize value for our investors through our opportunistic, value-oriented approach.”
Z Capital makes control investments in middle-market distressed companies, operational turnarounds and special situations. The firm targets companies with an enterprise value of less than $1 billion or EBITDA of less than $100 million. Sectors of interest include consumer products, steel and steel processors, agricultural, gaming, leisure, real estate, manufacturing, specialty services and automotive. The firm has approximately $1.7 billion of capital under management. Z Capital is based in the Chicago suburb of Lake Forest and has an additional office in New York (www.zcap.net).
2014 PEPD • Private Equity’s Leading News Magazine • 7-8-14